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TSX Flat at Open as Rate Cut Hopes Fizzle

Barrick, Alamos Gold in Spotlight

Canada's main stock index opened muted on Thursday as gains in utility stocks were offset by losses in financials while receding expectations of a June rate cut weighed on investor sentiment.

The TSX Composite lost 46.21 points to begin Thursday at 22,152.92.

The Canadian dollar was virtually unchanged at 73.08 cents U.S.

Gold prices steadied amid geopolitical and economic uncertainties while copper continued its uptrend on a softer dollar and firm market fundamentals.

Barrick Gold, for example, gained a penny to $24.49, while those for Alamos Gold captured 20 cents, or nearly 1%, to start the day at $20.93.


The TSX Venture Exchange recovered 0.54 points to 587.84.

The 12 TSX subgroups were divided evenly between gainers and losers, with health-care and energy each sliding 0.6%, while financials were off 0.4%.

The half-dozen gainers were led by gold concerns, picking up 0.7%, while communications and consumer staples each acquired 0.2%.


The S&P 500 inched lower Thursday as Wall Street digested fresh inflation data.

The Dow Jones Industrial Average faltered 237.1 points to 38,224.41.

The much-broader index faded 21.6 points to 5,139.04.

The NASDAQ slipped 11.77 points to 16,158.59.

The early stages of earnings season continue Thursday, with CarMax falling more than 7% after disappointing on both top and bottom lines. The unofficial start to the period commences with big bank earnings from JPMorgan, Wells Fargo and Citigroup on Friday.

The producer price index reading for March came in below estimates, providing some relief after Wednesday’s selloff on a faster-than-expected rise in prices for consumer goods and services. Wholesale prices rose 0.2% in March, while economists polled by Dow Jones expected 0.3% growth. Core CPI, which excludes food and energy, increased 0.2%, in line with forecasts.

Prices for the 10-year Treasury hesitated, raising yields to 4.58% from Wednesday’s 4.55%. Treasury prices and yields move in opposite directions.

Oil prices lost 69 cents to $85.52 U.S. a barrel.

Gold prices brightened $14.50 to $2,362.970 U.S. an ounce.